What Happened To Boot Illusions After Shark Tank?
Imagine your go-to high heels also being your go-to boots. Not only would they transform from pumps to booties, but knee-high and thigh-high boots too. Andrew Goodrum and Queenie Davis made this dream a reality with their company, Boot Illusions. These entrepreneurs created shoe covers that turn heels into boots. One pair of stilettos could double as autumn's favorite footwear in endless heights and patterns.
The co-founders each invested $40,000 into Boot Illusions to start the company. They then turned to "Shark Tank," hoping to garner $100k to get their business into the production phase. The tank attracts many convertible footwear products. Shark Tank alum JesKa Shoe Company had interchangeable heels, and Pashion Footwear's shoes turned from heels to flats instantly.
When Goodrum and Davis pitched on Season 3, Daymond John, Robert Herjavec, Kevin O'Leary, Barbara Corcoran, and Mark Cuban were Sharks on the panel. Luckily for the entrepreneurs, more than one wealthy investor wanted in on Boot Illusions.
Barbara Corcoran and Daymond John offered Boot Illusions a deal
Despite only being in the prototype phase, Andrew Goodrum and Queenie Davis confidently stood on the "Shark Tank" carpet, asking for $100,000 in exchange for 30% of their company. That investment valued Boot Illusions at over $300k. The Sharks liked Goodrum and Davis. Barbara Corcoran, the only heel-wearing investor, vouched for the product's ingenuity.
However, Robert Herjavec went out first, but not because Goodrum and Davis had a terrible idea. The cybersecurity CEO didn't think he could add value to the shoe business. Mark Cuban had similar sentiments. Tech was his specialty, not women's footwear. Although Kevin O'Leary wasn't in the woman's fashion industry either, he was more concerned about the numbers. Boot Illusion's lack of profits caused him to go out.
Daymond John, the founder of the clothing brand FUBU, was the fashion expert on the panel and a perfect match for Goodrum and Davis. Luckily, he was interested but only in licensing the shoe cover application to other footwear manufacturers. John offered the entrepreneurs $100k for 75% of the Boot Illusion technology. However, Goodrum and Davis had what Corcoran looks for in a person before investing. The Shark might have been a real estate mogul, but she wanted in on the footwear company. Corcoran offered $100k for 55%, which the entrepreneurs accepted.
Boot Illusions is no longer in business
Although "Shark Tank" fans watched Andrew Goodrum and Queenie Davis celebrate leaving the carpet with a deal, the contract with Barbara Corcoran never closed. "We weren't quite as far along in the business as Barbara had hoped," Davis told the Shark Tank Blog. "We never moved forward."
Still, without a Shark on board, the business owners strived to make Boot Illusions a success. However, the entrepreneurs ran into trouble when their manufacturer in Turkey closed down. They found another one in Brazil, but their fabrics were held in customs making the company miss the lucrative Christmas shopping season. Boot Illusion received orders worldwide, but with their product unavailable, all the money had to be returned. The innovative footwear was never able to recover.
The company's last Instagram post was in February 2014, just over a month after its website launched. It captured Coco Chanel's famous line, "The most courageous act is to still think for yourself. Aloud." The "Shark Tank" alum's Twitter page also hasn't been updated since early 2014, and their website no longer takes you to their selection of boot covers. Instead, the domain is for sale. BootIllsuions.com can be yours for less than $2,000. Having your favorite heels double as botties and knee-highs sounds like a steal. However, the great idea behind Boot Illusions wasn't enough to sustain a business in the fashion industry.